Commodities Slump Most in Four Weeks on Japan Nuclear Crisis
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Commodities slid the most in four weeks, led by declines in grains, oil and industrial metals, as Japan’s nuclear crisis escalated, potentially slowing the global economic expansion.
Crude oil retreated in the biggest two-day drop in 11 months after the International Energy Agency warned that oil above $100 a barrel is starting to hurt the global economy. Wheat and copper tumbled the most in four weeks, while cotton fell to a six-week low. Japan’s Economic and Fiscal Policy Minister Kaoru Yosano said today the March 11 earthquake may hurt the economy more than forecast.